Running a business requires owners to design strategies that will engage their customers to make a purchase and for the business to maximize profit. Marketing concepts are essential to win over competitors and keep customers interested in what your business can offer. However, not all types of marketing concepts are applicable to all types of businesses.
You might find yourself asking whether a survey data collection software tool is enough to build an effective marketing strategy for your new business. Let’s take a look at these essential marketing concepts which you can apply to your company.
The Production Concept
This concept covers most operations-oriented application for products that are inexpensive and easily available. The production concept was used by businesses during the mid-1950s where there were issues about production, manufacture, and efficiency. It was also during this period that the term “supply and demand” was coined. The idea of this concept is to produce a range of cheap products in maximum volume so that your business achieves maximum scale and profitability.
Businesses using this concept assume that customers are more interested in the availability of products and their affordability while their needs are not fully addressed. This concept is best applied in high growth markets. The downside of this concept is that it runs the danger of creating impersonal or low-quality products.
This next marketing concert is considered the bread and butter of all efforts. It believes that people won’t simply buy your products, thus you need to persuade them to buy from you. These days, you know that selling is just one phase of marketing. It is a concept made popular during WWII with lots of aggressive advertising and promotion for people to buy various products and bonds. At present this marketing concept is best for those who are finding potential clients and sell to them using emotion.
This concept is more about competition. It has the belief that business succeeds based on its marketing efforts which deliver better value than the competitors. It focuses on the needs and wants of the business target market and through this concept, the business goal is to be the preferred provider or company against your competitors. This marketing concept also grew popular during the 50s when companies are working to find a place in the industry. At present, this concept has evolved many times and is refined into company orientation.
The Societal Marketing Concept
The last kind of marketing concept that you should know about is considered as the most modern-day and progressive approach in businesses. The societal marketing concept is more about giving back to society by creating better products that will make the world a better place. The concept of giving back arose when questions about business and marketing are addressing or contributing to problems of society such as poverty, resource shortage, and environmental deterioration. If you are running a business and you want to apply this type of marketing concept, you have to ensure that you create products that people love while still acting in the best and long-term interest of society.
Studying different marketing concepts can help you arrive at the best strategy for your business. You can apply these marketing mindsets to achieve your organizational goals based on the wants and needs of your target market. Depending on the type of business that you have, there is a marketing concept that you can use along with your other business strategies. These concepts can be applied in combination with each other so that you can see the best methods of engaging your customers and winning among your competitors.